Teresa Pearce
Main Page: Teresa Pearce (Labour - Erith and Thamesmead)Department Debates - View all Teresa Pearce's debates with the HM Treasury
(11 years, 11 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
Mr Speaker, 152,000 customers have been affected. These are people with loans of less than £25,000. The cost to UK Asset Resolution is estimated at £270 million. UK Asset Resolution has ordered a full inquiry into what happened in 2008, and we will come to the House with more information when we have it. I wanted to bring this news to the House at the very first opportunity, and I find it pretty extraordinary that the Opposition do not want the public to hear it.
Teresa Pearce (Erith and Thamesmead) (Lab)
T7. New research from Which?—[Interruption.]
Mr Speaker
Order. Whatever discontent there may be on either side of the House about this matter, it would be a courtesy to hear Teresa Pearce.
Teresa Pearce
Thank you, Mr Speaker.
New research from Which? reveals that nearly half of front-line bank staff believe that pressure selling still dominates the culture of banking. Will the Minister join me in calling for banking remuneration and incentive structures to be changed to reward ethics and service, rather than aggressive selling targets, in order to help to change the culture of banking?
The Financial Secretary to the Treasury (Greg Clark)
The hon. Lady is absolutely right that one of the real problems in banking over recent years was that the people who had a trusted relationship with their customers saw them as sales targets rather than as people to be helped. That needs to change. The Financial Conduct Authority is very clear that these kinds of incentives have to go.